Madoff Trustee Sues HSBC for $9 Billion in NY Court

The court-appointed New York-based trustee trying to recover losses for victims of Bernard Madoff has accused HSBC of fueling the disgraced financier's massive fraud.

Trustee Irving Picard announced a lawsuit against the British-based bank on Sunday that seeks $9 billion in illicit earnings and damages.

The lawsuit was filed in the U.S. Bankruptcy Court for the Southern District of New York.

Picard alleges HSBC helped funnel more than $8.9 billion to Madoff through a dozen so-called feeder funds based in Europe, the Caribbean and Central America. He also says it ignored warnings from its own accountants that his phenomenal investment record was suspect.

The court-appointed New York-based trustee trying to recover losses for victims of Bernard Madoff has accused HSBC of fueling the disgraced financier's massive fraud.Trustee Irving Picard announced a lawsuit against the British-based bank on Sunday that seeks $9 billion in...